CMB.Tech reported second-quarter 2026 earnings that exceeded analyst expectations, driven by robust freight rates and gains from asset sales. Earnings per share totaled $1.26, surpassing Wall Street’s $0.8847 estimate by 42.4%, while revenue of $703.94 million exceeded forecasts by 21.2% at $580.81 million. Net profit reached $364.4 million, supported by a strong freight market and $127 million in capital gains from the sale of older vessels.
The company’s fleet generated strong operational performance, with segment rates for VLCCs and Suezmaxes exceeding $120,000 per day. Newcastlemaxes and Capesizes achieved rates of $46,000 and $40,000, respectively, while Panamaxes traded near $20,000. CEO Alexander Saverys described current market conditions as "exceptional" for the shipping sector and CMB.Tech specifically.
Asset sales contributed materially to profitability, including $98 million from the delivery of two VLCCs and $29 million from the sale of an older Suezmax. Management indicated additional gains of $100 million in the third quarter and $130 million in the fourth, reflecting sales of two Suezmaxes and a VLCC. The company’s fleet now comprises 206 vessels, with 26 newbuilds on order and an average age below six years.
CMB.Tech maintained its dividend at $0.64 per share, marking 12 consecutive years of payouts. The company targets a 50% payout ratio on net profit, citing a commitment to shareholder returns. Shares rose 2.64% in premarket trading to $15.58, bringing the 12-month total return to 135.6%. The stock trades at a P/E of 9.49, with InvestingPro assigning a fair value of $17.63.
Capital expenditures remain manageable, with unfunded commitments of $119 million for 2026 and total outstanding obligations projected between $375 million and $390 million by year-end. A $43 million bond maturing in September 2026 will be repaid from available cash, according to management. Looking ahead, CMB.Tech faces a wave of newbuild deliveries in 2027 and 2028, which could pressure market conditions.
The company’s liquidity stood at approximately $400 million, with an adjusted equity-to-total-assets ratio of 51.5%, exceeding its 50% target. Contract backlog remained stable at $3.3 billion, while the fair market value of the fleet was assessed at $11.2 billion.
